Miftah Ismail, the federal Minister of Finance and Revenue, has indicated that electricity prices may fall by October, while petroleum prices will be decided by the international market. He made the remarks during a press conference attended by Federal Minister of Defense Khawaja Muhammad Asif.
Minister Ismail stated that electricity prices would most likely fall in October. He went on to say that the floods had washed away Sindh’s cotton crops, resulting in more cotton imports and a $1-2 billion trade deficit.
Moreover, the international market will determine the price of petroleum and diesel, he added.
Before this, the Islamabad Electric Supply Company (IESCO) announced that domestic consumers using up to 300 units of electricity in June would be exempt from paying the Fuel Price Adjustment (FPA).
Domestic consumers will no longer be charged FPA charges in their August bills, according to the decision. Meanwhile, those who have already paid their August bills will adjust their September bills.
The development occurred after citizens protested outrageous FPA charges in their June bills. As a result, Prime Minister Shehbaz Sharif announced a relief package for customers who used less than 300 units of electricity.
According to an IESCO spokesperson, the company has provided assistance to its customers in accordance with Prime Minister Shehbaz Sharif and Federal Minister of Energy Khurram Dastgir’s directives.
The spokesperson went on to say that consumers who meet the above-mentioned criteria and have already submitted their August bills will be credited the FPA charges in their September bills and that they do not need to visit IESCO’s offices for this.
Domestic users who used 200 units or less in the previous six months received an Rs. 6 per unit credit on their August bills, according to the spokesperson.